Tokyo property market’s best years are still ahead
More than 25 years after its bubble economy burst in spectacular fashion, Japan is still seen by many as a kind of economic cautionary tale, a country in a perpetual malaise, undergoing a long, slow deflationary spiral as its population shrinks and grows older.
And yet, a split second in Tokyo reveals a city that could never feel stagnant, grey or moribund. From the glittering shopping temples of Ginza to the controlled chaos of Shibuya; from pop culture to ultra-refined design aesthetics to the world’s highest number of Michelin-star restaurants, few – if any – global cities can match the sense of energy and invention that Tokyo radiates in a neon-bathed glow.
The world has certainly taken note. Tourism is skyrocketing in Japan, with international visitors reaching a record high of more than 24 million in 2016. Tokyo, meanwhile, is preparing to flaunt its brand on the world stage again when it hosts the 2020 Olympics.
Since taking power 2012, the reflationary policies of Prime Minister Shinzo Abe, dubbed “Abenomics”, have brought mixed economic results. However, the property market has been an undoubted beneficiary with demand and construction activity booming.